India’s Satisfaction With Pay Soars: ADP Survey
Satisfaction jumps from 49% to 73%, the highest among 18 countries surveyed
In a notable shift, ADP's annual flagship survey, People at Work 2024: A Global Workforce View, reveals a substantial rise in salary satisfaction among Indian workers surveyed. The report unveils that nearly three out of four (73%) respondents are now content with their salary, a significant leap from the 49% reported in 2023, and the highest percentage globally among the 18 countries surveyed.
With salary continuing to be the most important factor for Indian workers surveyed in a job (55%), it is no surprise that Indian respondents' job satisfaction rate remains the highest among the 18 countries surveyed at 81%.
Satisfaction rates vary slightly by gender, with female respondents expressing higher contentment (84%) than male respondents (78%). Interestingly, the survey shows the education sector leads the pack with the highest satisfaction rate (88%).
Rahul Goyal, Managing Director, ADP India & Southeast Asia, says, "At ADP, we firmly believe that pay is the core foundation of financial wellness. It's encouraging to see workers more satisfied with their compensation, which translates to more productive and engaged workforces.
Amid the strong economic growth and the war for talent, employers need to offer fair compensation to ensure the financial security and overall wellbeing of their workforce. Those who can’t quite match pay expectations will be happy to know that workers are open to additional benefits such as paid time off and one-time bonuses or shopping vouchers to offset the rising inflation. Providing training and promotion paths is also a good way to retain talent."
Despite the importance of pay, it is worth noting that more than half of Indian workers surveyed (55%) regularly receive incorrect payments. This highlights the importance of having a robust payroll system to ensure timely and precise compensation.
Goyal emphasises the significance of a reliable payroll system in light of evolving regulations and dispersed workforces. He says, “Payroll can be a complex process. Partnering with a reliable payroll provider is crucial for avoiding compliance risks, boosting employee morale, and facilitating a smooth employee experience. This, in turn, allows firms to focus on their core competencies.”
The survey also reveals that 41% of Indian workers surveyed have two or more sources of income, the highest percentage among the 18 countries surveyed. An affluent lifestyle is a primary motivator for this behaviour, with 37% of these respondents saving for significant purchases and 35% hoping to improve their lifestyle through this additional income.
